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#1144832 - 03/13/09 05:42 PM POC
nghcompliance Offline
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Joined: Sep 2008
Posts: 49
We have a mortgage loan that the Seller is paying their part of the closing cost as well as $600.00 of the borrower’s part of the closing cost. We are disclosing this on the HUD, but do we need to disclose the $600 of the borrower's portion as paid outside of closing?

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Lending Compliance
#1144907 - 03/13/09 06:30 PM Re: POC nghcompliance
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
POC only applies to items that are paid prior to closing. ie, credit report/appraisal fee paid at application time.

If the seller is paying a fee that "normally" is paid by a borrower, show it in the seller's column as a charge. Otherwise, your amount to collect is not going to add up.
Last edited by RR joker; 03/13/09 06:31 PM.
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